Conestoga College hires former VP and CFO to oversee financial rebuild
Posted Jun 24, 2026 09:38:59 AM.
Last Updated Jun 24, 2026 12:25:42 PM.
As Conestoga College continues to rebuild its reputation following an audit by the Ontario government that unveiled exorbitant spending, its announced the rehiring of a former finance executive.
Eric Johnstone has been appointed as vice president of finance and chief financial officer (CFO), reprising a role that he occupied from 2023 to 2025.
Johnstone was a part of the executive group that led the college during the latter years of former President John Tibbits’ controversial tenure as head of the school.
Tibbits officially stepped away from the role by retiring unexpectedly in January, months before the Ontario government released its audit, which criticized the board’s decision to approve a steep pay raise for the now-former president.
The audit details Tibbits’ 55 per cent pay bump in 2024 to more than $636,000, a $23,000 trip that three unnamed college executives took to Italy, expensive dining bills and more.
Johnstone was also the recipient of a hefty raise in 2024. According to Ontario’s Sunshine List, he received a more-than 36 per cent raise, from just under $200,000 to about $270,000 per year.
This time around, Johnstone replaces interim CFO Fiona Tetlow, who was brought in to oversee finances starting in March 2025, though she was already semi-retired at the time after spending 10 years with Conestoga College prior.
“I am confident that as Vice President and Chief Financial Officer, Eric Johnstone will be an asset in implementing sound financial governance and protecting the long-term financial sustainability of the College,” said interim President Norma McDonald Ewing in a statement to 570 NewsRadio. “Alongside Mr. Johnstone, the Administrator and the rest of our senior leadership team, I look forward to furthering our work to restore strong fiscal oversight, accountability, and public trust at Conestoga College.”
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